Silver Price Forecast – Silver markets choppy on Thursday

Silver markets went back and forth during the trading session on Thursday, as we continue to see a lot of choppiness and indecision around the financial markets. With the ISM nonmanufacturing numbers missing in America, we got a little bit of a burst higher, but shortly thereafter we calmed down.
Christopher Lewis
Silver daily chart, October 04, 2019

Silver markets went back and forth during the trading session on Thursday, showing signs of confusion and exhaustion as we ended up being relatively neutral. If that’s going to continue to be the case, then it’s very likely that the market will eventually find a reason to make a move. The jobs number on Friday will certainly be that reason, and as a result there are several levels that I am paying attention to on the chart. The initial levels to pay attention to underneath will be the 50 day EMA at the $17.45 level, the $18.00 level above, and of course the $17.00 level underneath. Ultimately, this is a market that will continue to be very erratic, but also very sensitive to risk appetite in general.

SILVER Video 04.10.19

If we do break above the $18.00 level, and I should state after the jobs number, then the market is likely to go looking towards the $18.75 level, and then possibly even the highs. To the downside, the 200 day EMA is currently sitting right around the $16.20 level, and that should also support the market. However, if we break down below the $17.00 level on more than likely going to step on the sidelines and give it a couple of days to find stability. If we do not find that stability, then I’m perfectly fine sitting on the sidelines and letting silver do its thing. However, we do get a bit of bullish pressure, then I’m willing to jump in.

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US